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economic recovery continues, but it has weakened further. in advanced economies growth is now too low to make a substantial dent in unemployment. >> reporter: chief economist olivier blanchard outlined factors that are pulling down growth in developing economies, including budget restructuring and a weak banking system. he says is crisis in the eurozone remains the most obvious threat to the global outlook. now, he projected the region's economy will shrink by 0.4%. contrast that with the forecast for emerging markets and developing countries, that coming in at 5.3% growth. but blanchard and his colleagues see the downsides even in that figure. they've revised china's growth down 0.2 percentage points from three months ago, india's down 1.3 points. they forecast an increase of 2.2% in both japan and the united states. and they do predict, as well, stronger growth worldwide next year at 3.6%. blanchard said figuring these things out can make for a complex puzzle. i had the chance to speak with him earlier about what pieces need to fall into place. does seem the recovery is losing a bit
cuts and tax increases will drive down the u.s. economy over what's called the fiscal cliff. central bankers from the u.s. and elsewhere explained how they were using additional monetary easing to curb their common problems. the ministers and governors didn't emerge with any official statements or even give signs of further coordinated action. they said something they've said before -- they'll keep working on it. reiko sakurai, nhk world, tokyo. >>> the head of the imf is asking those around her to draw on the spirit of their hosts. l christine lagarde says she's impressed by the resilience japanese showed as they worked to recover from last year's disaster. she's calling on leaders to share that sense of cooperation. >> we expect action, and we expect courageous and cooperative action on the part of our members. >> lagarde says she and her colleagues unwhat needs to be done. she's urging banking supervisors to complete the job of rewriting the rules of finance. government leaders need to tackle what she calls a legacy of high debt. lagarde says they should focus on getting people, p
. the economy is one of the strongest in europe. still, the french, too, feel weighed down under the debt. structure or reform is the way to strengthen europe's union, but world economic leaders are strongly urging the implementation. can europe move into action? >> we are two very positive moves during last month. first with the ecb, second with growth. third with tax on financial transactions, which is going to happen between france, spain, italy, and other countries in europe. we are i believe truly taking into account political necessity to confront this crisis. of course it's too slow. we need to implement reforms. we're working on it. >> reporter: moscovici says the french, all europeans, in fact, should follow through with measures to reduce their debts. he said spending cuts are prerequisites for growth in the long run. >> this is why structural reforms are so necessary. and this is why if we need to deal seriously with that, i don't believe austerity is something good for the people. you cannot have growth in the midterm or long term if you've got austerity forever. we need to ge
out of peripheral economies in europe back to the core ones. that's been pushing up borrowing costs for governments and banks in countries such as spain and italy. vinals said neighbor nations need to do their part toward stability. policymakers need to build stronger firewalls and establish a banking union and a single supervisor. he said weak banks need to restructure their financing. now, vinals said what's happened in europe should serve as an example for financial leaders in the united states as well as here in japan. he said waiting until the strains become clearer just leads to harsher outcomes. vinals says japan's high level of debt presents a stability risk and said the government leaders need to deal with budget problems. they pointed to commercial bank holdings of government bonds as yet another risk. they project in five years bonds could make up a third of those banks' total assets and they warned those institutions would suffer heavy losses if interest rates rose. now, vinals said japanese leaders need to be more vigilant about their risks. i had a chance to speak with
Search Results 0 to 3 of about 4